Real Estate News

Strong End to the Year on Montréal's Residential Real Estate Market

L'Île-des-Sœurs, January 8, 2019 - The Greater Montréal Real Estate Board (GMREB) has just released its most recent residential real estate market statistics for the Montréal Census Metropolitan Area (CMA), based on the real estate brokers’ Centris provincial database. In total, 2,825 residential sales were concluded in December 2018, a 3 per cent increase compared to December of 2017. It also represents a new sales record for a month of December and the 46th consecutive increase in transactions.

Sales by geographic area

Five of the six main areas of the Montréal CMA registered an increase in sales in December.

Vaudreuil-Soulanges and Saint-Jean-sur-Richelieu clearly stood out with respective sales increases of 13 per cent and 8 per cent.

Transactions were also on the rise on the North Shore (+6 per cent), in Laval (+5 per cent) and on the South Shore (+3 per cent).

The Island of Montréal was the only area that posted a decrease in sales, as transactions fell slightly by 1 per cent compared to December of 2017.

Sales by property category

Across the Montréal CMA, the number of single-family home transactions rose by 3 per cent (1,491 sales) while condominium transactions grew by 2 per cent (993 sales). In contrast, plex transactions fell by 1 per cent (336 sales).

Prices

The median price of single-family homes and plexes increased significantly across the Montréal CMA in December, reaching $327,450 (+7 per cent) and $525,000 (+8 per cent) respectively.

The median price of condominiums rose by 3 per cent, reaching $272,863.

Number of properties for sale

In December, there were 18,970 active residential listings in the real estate brokers' Centris system, an 18 per cent drop compared to one year earlier.

Montréal's Residential Real Estate Market Remained Strong in November

L'Île-des-Sœurs, December 6, 2018 - The Greater Montréal Real Estate Board (GMREB) has just released its most recent residential real estate market statistics for the Montréal Census Metropolitan Area (CMA), based on the real estate brokers’ Centris provincial database. In total, 3,630 residential sales were concluded in November 2018, a 6 per cent increase compared to the same month last year. It also represents a new sales record for a month of November and the 45th consecutive increase in transactions.

Sales by geographic area

Five of the six main areas of the Montréal CMA registered an increase in sales in November.

Saint-Jean-sur-Richelieu and the North Shore led the way, with respective increases of 23 per cent and 14 per cent.

The South Shore (+8 per cent), the Island of Montréal (+3 per cent) and Laval (+1 per cent) also registered an increase in the number of transactions.

Vaudreuil-Soulanges was the only area to register a drop in sales, as transactions fell by 8 per cent compared to November of last year.

Sales by property category

The increase in sales in November was spread across all three property categories.

Across the Montréal CMA, the number of condominium transactions (1,256 sales) jumped by 10 per cent, while sales of plexes (436 sales) and single-family homes (1,930 sales) rose by 6 per cent and 3 per cent, respectively.

Prices

The median price of single-family homes and condominium across the CMA increased by 5 per cent year over year, to reach $334,000 and $264,900, respectively.

The median price of plexes grew by 2 per cent compared to November of 2017 to reach $520,000.

"Homes are selling faster and faster in the Montréal area, as the average selling time, for all property categories combined, was 80 days in November, which is seven days less than one year ago," said Nathalie Bégin, President of the GMREB board of directors. "Single-family homes and plexes sold the fastest – in an average of 72 days – while it took an average of 94 days for a condominium to sell," she added.

Number of properties for sale

In November, there were 21,089 active residential listings in the real estate brokers' Centris system, an 18 per cent drop compared to one year earlier.

Montréal's Residential Real Estate Market Continued to Perform Well in October

L'Île-des-Sœurs, November 6, 2018 - The Greater Montréal Real Estate Board (GMREB) has just released its most recent residential real estate market statistics for the Montréal Census Metropolitan Area (CMA), based on the real estate brokers’ Centris provincial database. In total, 3,731 residential sales were concluded in October 2018, an 11 per cent jump compared to the same month last year. This figure also represents a new sales record for a month of October and the 44th consecutive increase in transactions.

Sales by geographic area

All six main areas of the Montréal CMA registered strong sales increases in October.

Laval (+17 per cent), Saint-Jean-sur-Richelieu (+16 per cent), the North Shore (+14 per cent) and the South Shore (+12 per cent) posted the largest increases, but the Island of Montréal and Vaudreuil-Soulanges followed close behind (+8 per cent in both cases).

Sales by property category

As has been the case for several months now, the condominium segment was the most active in October with a 22 per cent jump in sales (1,361 transactions).

Sales were also up for single-family homes (1,971 transactions, +6 per cent) and plexes with two to five dwellings (395 transactions, +5 per cent).

"The condominium segment is booming. Thanks to strong sales and a sharp decrease in listings, the number of months of inventory has dropped significantly over the past year, falling from 10.2 months to 7 months," said Nathalie Bégin, President of the GMREB Board of Directors. "This segment has moved from a buyer's market to a seller's market in just one year," she added.

Prices

The median price of single-family homes and condominiums increased across the Montréal CMA, albeit more moderately than in October of last year (+4 per cent each), to reach $329,250 and $265,000 respectively.

The median price of plexes jumped by 11 per cent to reach $525,000.

Number of properties for sale

In October, there were 21,515 active residential listings in the real estate brokers' Centris system, a 17 per cent drop compared to one year earlier.

A Very Active Month of September for Montréal's Residential Real Estate Market

L'Île-des-Sœurs, October 5, 2018 - The Greater Montréal Real Estate Board (GMREB) has just released its most recent residential real estate market statistics for the Montréal Census Metropolitan Area (CMA), based on the real estate brokers’ Centris provincial database. In total, 3,220 residential sales were concluded in September 2018, which represents an 8 per cent increase compared to the same month last year and a nine-year high for a month of September.

"Montréal's real estate market has been performing exceptionally well, as sales have increased for 43 consecutive months now, ever since March of 2015," said Nathalie Bégin, Interim President of the GMREB Board of Directors.

Sales by geographic area

Geographically, four of the six main areas of the Montréal CMA registered an increase in sales in September: the South Shore (+20 per cent), Laval (+12 per cent), the Island of Montréal (+8 per cent) and Vaudreuil-Soulanges (+5 per cent).

Sales were unchanged on the North Shore but fell by 14 per cent in Saint-Jean-sur-Richelieu.

Sales by property category

Across the Montréal CMA, the trend continued for condominiums as this property category once again registered the largest increase in sales (1,206 transactions) in September, jumping by 23 per cent.

Sales of single-family homes were unchanged compared to September of last year, with 1,660 transactions.

Prices

Median prices for all three property categories increased steadily in September across the Montréal CMA.

The median price of single-family homes rose by 7 per cent compared to September of last year to reach $336,000, while that of plexes increased by 6 per cent to reach $504,040.

As for condominiums, the increase in median price was a little weaker at 4 per cent, reaching $263,000.

Number of properties for sale

In September, there were 21,227 active residential listings in the Centris system, a 17 per cent drop compared to one year earlier.

Record-Setting Sales in August on Montréal's Residential Real Estate Market

L'Île-des-Sœurs, September 7, 2018 - The Greater Montréal Real Estate Board (GMREB) has just released its most recent residential real estate market statistics for the Montréal Census Metropolitan Area (CMA), based on the real estate brokers’ Centris provincial database. In total, 3,224 residential sales were concluded in August 2018, which represents an 8 per cent increase compared to August of last year and a new sales record for a month of August. Furthermore, this was the 42nd consecutive month in which residential sales increased in the Montréal area.

Sales by geographic area

Geographically, five of the six main areas of the Montréal CMA registered an increase in sales in August; the only exception was the North Shore, where sales were unchanged compared to August of last year.

The areas of Saint-Jean-sur-Richelieu, the South Shore and Vaudreuil-Soulanges registered the largest increases in sales, at 15 per cent, 14 per cent and 13 per cent, respectively.

Laval also registered an impressive 12 per cent jump in sales compared to August of last year.

Sales on the Island of Montréal rebounded after three consecutive monthly decreases, as the number of transactions rose by 9 per cent in August.

Sales by property category

Across the Montréal CMA, the property category that registered the largest increase in sales in August was that of plexes, as transactions rose by 14 per cent.

Sales of condominiums also turned in a solid performance, rising by 12 per cent compared to August of last year.

Sales of single-family homes also stood their ground, increasing by 5 per cent in August. This put an end to a series of three consecutive drops in single-family home sales in the Montréal CMA.

Prices

The median price of single-family homes across the Montréal CMA stood at $333,000 in August, a 5 per cent increase compared to one year earlier.

The median price of condominiums rose by 4 per cent to reach $260,000, while that of plexes jumped by 10 per cent to reach $515,000.

Number of properties for sale

In August, there were 20,940 active residential listings in the Centris system, a 16 per cent drop compared to one year earlier.

"With a high demand and low supply of properties for sale in the Montréal area for several months now, market conditions for resales are becoming tighter and are giving sellers the upper hand, and this applies to all property categories," said Mathieu Cousineau, President of the GMREB Board of Directors.

Residential Sales in the Greater Montréal Area: Best Month of July in 8 Years

L'Île-des-Sœurs, August 7, 2018 - The Greater Montréal Real Estate Board (GMREB) has just released its most recent residential real estate market statistics for the Montréal Census Metropolitan Area (CMA), based on the real estate brokers’ Centris provincial database. In total, 3,201 residential sales were concluded in July 2018, which represents a 1 per cent increase compared to July of last year and an eight-year high for this month of the year. This is the 41st consecutive month in which residential sales have increased in the Montréal area.

"After a strong start to the year, sales continue to increase in the Montréal area but at a slower pace. In fact, for the past three months, sales have only increased by 1 per cent," said Mathieu Cousineau, President of the GMREB Board of Directors.

Sales by geographic area

Geographically, three of the Montréal CMA's six main areas registered an increase in sales in July.

The South Shore topped the list with a 15 per cent increase in sales compared to July of last year. Vaudreuil-Soulanges and the North Shore were the two other areas that posted an increase in sales, at 8 per cent and 3 per cent, respectively.

In contrast, sales decreased on the Island of Montréal (-4 per cent), in Laval (-7 per cent) and in Saint-Jean-sur-Richelieu (-24 per cent). For the Island of Montréal, this was the third consecutive monthly drop in sales.

Sales by property category

For a 10th consecutive month, the property category that registered the largest increase in sales was that of condominiums.

In July, the number of condo sales in the Montréal CMA (1,139 transactions) rose by 6 per cent. Sales of plexes with 2 to 5 dwellings (303 transactions) increased by 2 per cent, while sales of single-family homes decreased by 2 per cent (1,752 transactions).

Prices

All three property categories registered strong price increases in July.

The median price of single-family homes across the CMA stood at $336,250, a 6 per cent increase compared to one year earlier.

The median price of condominiums rose by 5 per cent to reach $265,000, while that of plexes jumped by 9 per cent to reach $528,500.

Number of properties for sale

As for the supply of properties for sale, the downward trend continued for a 34th consecutive month. In July, there were 21,230 active residential listings in the Centris system, a 17 per cent drop compared to one year earlier.